India Faces Major Blow as Iran-Israel Conflict Pushes Crude Oil to $107; Will City Petrol Prices Soar?
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Iran-Israel War: Crude Oil Soars to $107, But India Assures No Fuel Price Hike
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News18•09-03-2026, 08:46
Iran-Israel War: Crude Oil Soars to $107, But India Assures No Fuel Price Hike
•The escalating Iran-Israel war has caused global markets to crash and crude oil prices to surge by 17% to $107 per barrel, a 3.5-year high.
•Global supply chains are disrupted due to Iran's threat to close the Strait of Hormuz and attacks on Iranian oil depots, alongside reduced extraction by Iraq and Kuwait.
•Petrol and diesel prices have risen in America and Europe, with US President Donald Trump acknowledging a temporary hike of 47 cents in America.
•Despite crude oil crossing $100 globally, Indian government sources confirm no increase in petrol and diesel prices in India.
•India has diversified its energy sources, maintains sufficient oil and LPG stock, and secure fuel reserves, protecting Indian consumers from the global crisis.
